● A seamless way for merchants to verify user identity eliminating the need for technical expertise thereby enhancing accuracy and reducing drop-offs
● The solution is the newest addition to Cashfree Payments’ Verification Suite which is India’s fastest-growing Verification Platform, authenticating over 40 cr+ individuals annually
● In the last few months, Cashfree Payments has launched multiple revolutionary innovations such as BNPL Plus, UPI Autopay, and Flash UPI among others
Bengaluru, November 21, 2023: – Cashfree Payments, India’s leading payments, and API banking company announced the launch of ‘KYC Link’ – India’s first no-code verification solution for Indian businesses, marking a significant leap in simplifying digital identity verification for MSMEs, emerging and digitally transitioning sectors. The solution eliminates the need for extensive technical expertise, allowing businesses to adopt KYC solutions on day 0, and accelerating revenue generation from newly onboarded users.
Announcing the launch, Akash Sinha, CEO, and Co-founder, of Cashfree Payments said, “We are excited to introduce India’s first no- ode verification solution, KYC Link, to help Indian businesses across MSMEs, emerging and digitally transitioning sectors address verification constraints seamlessly. Built and developed in-house, this solution will revolutionize customer experience, reduce user drop-offs, and unlock a higher verification completion rate while helping businesses get compliant with applicable regulations at lower cost. At Cashfree Payments, we continuously problem solve through our engineering excellence, and through industry-first launches like these, our aim is to build products and solutions that will support the Indian business ecosystem to grow, thrive, and set new benchmarks.”
With KYC Link, merchants can effortlessly send verification links through SMS, email, or WhatsApp to the user’s mobile number, providing a seamless experience and ensuring a close to 99% success rate. This process can be automated, saving time and resources for the merchant, or done manually as per their preference. Due to its user-friendly interface, the solution mitigates user drop-offs, enhances the overall customer experience, and achieves a higher verification completion rate.
Addressing the technological excellence behind the groundbreaking product, Ramkumar Venkatesan, CTO at Cashfree Payments, “KYC Link is a powerful metadata-driven, no-code platform designed for dynamic customisation and easy maintenance. Our engineering team has utilized a proprietary Domain-Specific Language (DSL) and tools to generate customized dynamic forms for our merchants, ensuring a seamless user experience. We are excited to introduce yet another industry-first product and look forward to delivering accessible and efficient solutions as per market requirements.”
KYC Link incorporates all existing verification solutions offered by Cashfree Payments, including Bank Account Verification (across a network of 600+ banks), UPI, PAN, and Aadhaar among others. Also, the solution enables businesses to generate personalized KYC verification links, with the feature to incorporate a business logo and color scheme to enhance the brand experience.
KYC Link is the newest addition to CashFree Payments’ Verification Suite, which is India’s fastest-growing Verification Platform, authenticating over 40 cr+ individuals annually. Businesses can process over 10,000 verifications at once through Excel upload or a simple API integration. Verification Suite by Cashfree Payments helps businesses verify the identity and source of funds of individual users and partner businesses like suppliers or service providers through the authentication of Aadhaar, PAN, GSTN, Bank Accounts, and UPI handles among others.
Cashfree Payments today is among the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50% market share. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries including the USA, Canada, and UAE.